MyCryptoWallet collapses and puts Bitcoin traders in trouble

This illustrated photo shows physical banknotes and coin imitations of Bitcoin.

This illustrated photo shows physical banknotes and coin imitations of Bitcoin.
Photo: Ozan Kose / AFP (Getty Images)

According to multiple reports, MyCryptoWallet is an Australian-based cryptocurrency exchange that allows users to buy and sell coins such as Ethereum and Bitcoin. The exchange has closed down and users cannot obtain funds. According to the company, the company called a company called SV Partners on Friday to clear the remaining assets of the exchange and deal with creditors. Australian Financial Review.

MyCryptoWallet was founded in 2017 by 28-year-old Jaryd Koenigsmann. It previously claimed to have 20,000 users, but it is unclear how many people may actively hold funds when the exchange collapses. It is unclear how much money users lost and whether they will see the money again. But we can only say that it does not look good.

Australia’s cryptocurrency industry is largely unregulated, just like in the United States. However, if you check the MyCryptoWallet website, you will find a strange statement in the lower right corner. A small sign appeared, which read: “Safety. Supervised. Insurance.” These claims seem to be lies, as Gizmodo can tell.

Picture of the article titled MyCryptoWallet crashed and put Bitcoin traders in trouble: Report

Screenshot: MyCryptoWallet.com

SV Partners plans to issue the first credit According to Australian media reports, the company will release a report on December 17, which should provide more information about the situation behind the scenes. ABC NewsMany politicians in Australia have called for regulation of the crypto industry, but for the users of MyCryptoWallet, this regulation came too late.

There were several signs that MyCryptoWallet was not doing well over the past year. Users were often unable to access their bitcoin, according to a report from the Sydney Morning Herald April, but it should be noted that this is an extremely common complaint in the crypto world.For example, consumers who use Binance have filed a complaint with the U.S. Securities and Exchange Commission several times Claims that Binance allows them to deposit money, but does not allow them to withdraw any money.

From the Sydney Morning Herald in April:

63-year-old investor Toni Walker has purchased $1,500 worth of cryptocurrency on MyCryptoWallet in the past four years.

“I am very happy to have the opportunity to get my funds back, but I don’t feel good about it,” she said.

MyCryptoWallet did not respond to a request for comment earlier on Tuesday.

The price of Bitcoin has plummeted in recent days, with the price falling to about $45,000 over the weekend. Prices rebounded early on Tuesday, hovering around US$51,000, but there is still a long way to go from the recent historical high of over US$68,000 on November 10.

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